The Brief:

In late 2003 a North American investment bank decided to hive off negotiation of ISDA Master Agreements and ISDA Credit Support Annexes under English law for equity derivatives clients to a compliance desk in London with effect from 1st January 2004.

The people concerned had no experience of either document.

The initial brief was to give them two days of intensive training on these subjects but it became clear that more sustained input would be needed if they were to perform this work effectively in a short time.

The Solution:

As well as 2 days intensive training, DDL provided mentoring for 4 months from January - May 2004. Paul Harding went into the bank's London office for 3 days a week and worked alongside the 2 main fledgling negotiators on actual cases.

The Result:

By May 2004 both negotiators had developed good skills in negotiating difficult Schedules and Annexes mostly with hedge funds who typically employed top law firms to negotiate on their behalf.

Both negotiators tackled this work confidently and thoroughly and by May 2004 were able to stand in their own two feet.

In late 2005 DDL was called back to repeat its training to new members of staff who were mentored by one of the original negotiators.

As we offer a completely confidential service, our policy is not to disclose our clients by name. However, the case studies on this website indicate the range of institutions for whom we have worked.